Molybdenum Concentrate Production in the United States Dropped by Nearly 3% in 2024

According to data from the United States Geological Survey (USGS), in 2024, the United States' molybdenum concentrate production is expected to be 33,000 tons, a year-on-year decrease of about 2.94%, accounting for 12.69% of the world's total production; the import volume of molybdenum ore and its concentrate is expected to be 16,000 tons, a year-on-year decrease of about 1.23%; the import volume of molybdenum primary products is expected to be 13,000 tons, a year-on-year decrease of about 3.70%; the export volume of molybdenum ore and its concentrate is expected to be 45,000 tons, a year-on-year decrease of about 8.16%; the export volume of molybdenum primary products is expected to be 5,500 tons, a year-on-year increase of about 30.02%; the reported consumption is 16,000 tons, the same year-on-year; the apparent consumption is 12,000 tons, a year-on-year increase of about 10.09%.

By the end of 2024, the United States' molybdenum reserves were about 350 thousand tons，the same year-on-year, accounting for 23.33% of the world's total reserves, ranking second in the world. The molybdenum mines in the United States are mainly concentrated in Colorado, Idaho, Arizona, Montana, Utah and Nevada. Colorado has the famous Clemaks Mine and Henderson Mine; Idaho once had the Thompson Creek Mine; Arizona has the Bagdad Mine and Sherita Mine; Utah has the Bingham Canyon Mine; Nevada has the Robinson Mine, etc. Molybdenum is the main metal sulfide of large low-grade porphyry molybdenum deposits, and is also the associated metal sulfide of low-grade porphyry copper deposits, mainly in the form of molybdenite. Despite having certain domestic molybdenum resources, the United States still relies significantly on imports for its molybdenum products, and the following is an analysis of its import sources.

According to China Tungsten Online, during the period of 2020-2023, the import sources of molybdenum products in the United States showed a relatively concentrated trend. Peru and Chile were the top two suppliers of molybdenum products to the US, accounting for 35% and 34% respectively, almost monopolizing 70% of the US molybdenum product import market. Mexico ranked third with a share of 10%, South Korea accounted for 6%, and other regions accounted for a total of 15%.

Specifically, in terms of ferromolybdenum imports, Chile dominated the supply to the US, accounting for 77% of the total supply. Chile's rich molybdenum ore resources and mature smelting technology enabled it to steadily deliver a large amount of ferromolybdenum products to the US market. South Korea followed closely with a share of 19%, relying on its advanced metallurgical technology to actively export ferromolybdenum to the United States while meeting its own needs. The United Kingdom accounted for 3%, and the import share of other regions combined was only 1%.

For molybdenum ore and its concentrates, Peru ranked first with a share of 64%. The efficient mining and beneficiation of many large molybdenum mines in its territory provided a large amount of high-quality molybdenum ore raw materials to the United States. Mexico accounted for 18%, and with its geographical advantages close to the United States and stable molybdenum ore production, it had become one of the important suppliers to the United States. Chile ranked third among suppliers in this category with a 12% share, Canada accounted for 5%, and the import share of the rest of the regions totaled 1%.

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